Retirement Benefit Plans

6 Months Ended

Jun. 30, 2023

Pension Plan

Defined Benefit Plan Disclosure [Line Items]

Retirement Benefit Plans

Note 16 - Retirement Benefit Plans

The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans. The amounts for the three and six months ended June 30, 2023 are based on calculations prepared by the Company's actuaries and represent the Company’s best estimate of that period’s proportionate share of the amounts to be recorded for the year ending December 31, 2023.

	U.S. Plans				International Plans				Total
	Three Months Ended June 30,				Three Months Ended June 30,				Three Months Ended June 30,
	2023		2022		2023		2022		2023		2022
Components of net periodic benefit cost (credit):
Service cost	$	0.2	$	1.8	$	0.5	$	0.4	$	0.7	$	2.2
Interest cost	4.5		4.1		2.9		1.4		7.4		5.5
Expected return on plan assets	(2.1)		(5.0)		(2.8)		(2.4)		(4.9)		(7.4)
Amortization of prior service cost	0.1		0.3		—		0.1		0.1		0.4
Recognition of net actuarial    (gains) losses	(1.0)		11.6		—		—		(1.0)		11.6
Net periodic benefit cost (credit)	$	1.7	$	12.8	$	0.6	$	(0.5)	$	2.3	$	12.3

	U.S. Plans				International Plans				Total
	Six Months Ended June 30,				Six Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022		2023		2022
Components of net periodic benefit cost (credit):
Service cost	$	0.4	$	3.7	$	0.8	$	0.8	$	1.2	$	4.5
Interest cost	9.0		8.2		5.3		2.9		14.3		11.1
Expected return on plan assets	(4.2)		(10.2)		(5.3)		(4.9)		(9.5)		(15.1)
Amortization of prior service cost	0.1		0.6		0.1		0.1		0.2		0.7
Recognition of net actuarial    (gains) losses	(1.9)		14.2		—		—		(1.9)		14.2
Net periodic benefit cost (credit)	$	3.4	$	16.5	$	0.9	$	(1.1)	$	4.3	$	15.4

For the three and six months ended June 30, 2023, lump sum payments related to new retirees exceeded annual interest and service costs for one of the Company's U.S. defined benefit pension plans, triggering a remeasurement of assets and obligations for this plan. As a result of this remeasurement, the Company recognized net actuarial ("mark-to-market") gains of $1.0 million and $1.9 million during the three and six months ended June 30, 2023.

For the three and six months ended June 30, 2022, the Company expected to make lump sum payments related to new retirees in excess of annual interest and service costs for two of the Company's U.S. defined pension plans. This triggered a remeasurement of assets and obligations for these plans. As a result of these remeasurements, the Company recognized net actuarial ("mark-to-market") losses of $11.6 million and $14.2 million during the three and six months ended June 30, 2022.